Resources Needed to Start a Small Business
Starting a small business requires the investment of time, resources, and determination. Most small businesses fail within the first few years of operation. This does not need to be the fate of your company, but it is important that you work with a Bryan business attorney who can help guide you so that you have the resources necessary for success.
A Marketable Product or Service
The first thing you need to start your small enterprise may seem obvious, but it is important to consider. You need to be honest with yourself about the salability of your product or service, and whether you will need any special training or need to obtain a professional license. Consider what market you are targeting, and who you will need to appeal to. Along with understanding what you are selling, you need to know how to sell it to this target customer base.
The Business Plan
The foundation of a successful small business is a clear and strong business plan. Many people skip this, and it is important. Your attorney can help you develop a business plan that directs your vision. You will need a mission statement, and then consider the multitude of matters related to running your business.
Without sufficient funding it will be impossible to get your business started. Every new small business needs an initial capital investment. You will have many startup costs, including, among others:
- Renting/purchasing the building where your business will be housed
- Purchase of office equipment
- Initial inventory
- Cost of hiring employees, if applicable
- Business license
You might consider obtaining a business loan from a bank, loans from friends, or your own assets. You may be able to obtain a grant or loan from the U.S. Small Business Administration as well.
A Support Team
The success of your new business will require that you have a team of individuals who can advise you on areas such as finance, marketing, accounting, and law. You may be able to obtain a mentor who has been through the process. Contact SCORE, which is a national non-profit and is a part of the U.S. Small Business Administration.